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API: Rising oil prices, falling stocks constrain demand

01/28/2008
Rising oil prices combined with falling inventories to keep US petroleum product demand essentially flat during 2007, the American Petroleum Institute said on Jan. 17.Demand, which API measures in products supplied, grew by 9,000 b/d to an average 20.696 million b/d this past year from 20.687 million b/d in 2006, API said in its yearend statistical review.Demand was strongest early in 2007 when crude prices were about $50/bbl and regular grade gasoline retailed for about $2/gal, API Chief Economist John C. Felmy told reporters. Demand pulled back by yearend, when crude prices approached $100/bbl and gasoline retailed for $3/gal, he said.API’s figures showed that December’s tot...
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